Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Using the information from XYZ company information attached, determine the cost of goods manufactured (finished) during the year. 

Sales
$1,980
Selling expenses
280
Manufacturing overhead
460
Direct labor
400
Administrative expenses
300
Purchases of direct materials
240
Finished goods inventory, beginning 240
Finished goods inventory, ending
320
Direct materials inventory, beginning 80
Direct materials inventory, ending
140
Work in process inventory, beginning 140
Work in process inventory, ending
100
Transcribed Image Text:Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100
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